Hosken Consolidated Investments (HCI) prime mover Johnny Copelyn has kicked off his Australian adventure on a profitable footing.
Last week Oceania Capital Partners (OCP), an investment company controlled by Copelyn and listed on the Australian Stock Exchange (ASX), confirmed a nifty return on selling its stake in smart-data and digital-marketing business Cohort.
OCP acquired a 50% stake in Cohort in late 2014 for A$6m, but last week sold the investment to Pureprofile for A$9m (excluding two additional performance-based payments). The deal will be settled via an A$7.5m cash payment and the issue of A$1.5m of Pureprofile shares.
The deal provides an unexpected fillip for former trade unionist Copelyn, who earlier this year exchanged a portion of his shareholding in HCI for 100% of HCI Australia. HCI Australia holds a 67.85% stake in OCP, which holds interests in broadcast media, security and financial services, as well as small stakes in several ASX-listed counters.
OCP is headed by former South Africans Brian Scheiner and Michael Jacobsohn. The company’s shares have shifted on the ASX from about A$1.36 in March to about A$1.85.